The Mortgage Works has cut its five-year fixed rate mortgage products by up to 0.50 percentage points.
Changes made by the specialist buy-to-let arm of the Nationwide Building Society, include:
- Selected 65% loan to value (LTV) products reduced by up to 0.50 percentage points, starting from 2.09%.
- Selected 75% LTV products reduced by up to 0.15 percentage points, starting from 2.54%.
- All 50% LTV products with a £0 fee reduced by 0.05 percentage points, starting from 2.39%.
In addition, TMW is introducing a new range of two-year fixed rate products with 1% fee and fee-free options, specifically for customers taking a further advance. These new products come with a free standard valuation.
The offer validity period for Further Advances will also be extended, from three to six months.
Meanwhile, two additional five-year fixed rate products are being added to the range, following broker feedback.
Paul Wootton, managing director of TMW, said: “The new, reduced rates on our five-year fixed rate deals will mean TMW continues to have one of the most competitive options on the market for landlords.
“We always look to balance costs and flexibility so that our customers have choice, with these new products offering competitive rates for landlords looking for longer term payment security.”